RSRS has assembled some sound advice from experts in the financial and legal fields geared to you, the physician. The following is an excerpt from RSRS’ new guide: “Getting Ready to Retire: Financial and Estate Considerations for Retiring Canadian Physicians.”
How should a retiring doctor plan for the disposition of the office premises, lease and equipment?
If you can avoid it, it’s preferable not to be on the hook for certain lease obligations after you close your medical practice. A lawyer should carefully review your lease agreements to determine what penalties you will incur for breaking the lease or for early termination of your lease. If there is a penalty, find out if it’s possible for you to sublet the premises or equipment under the terms of the existing lease.
With these considerations in mind, it’s prudent to plan for retirement/closure of your medical practice around the same time that the lease for the premises expires, unless you are part of a larger physician group or can sublet the space to a new tenant. Alternatively, in the case of an unavoidable penalty, you may want to try negotiating a reduction in the amount.
In the event that you must fully vacate the premises, try listing your equipment on one of the free web listing boards such as kijiji.ca or craigslist.ca.
Alternatively, the company providing record storage may also offer services regarding the sale or donation of your office equipment and used medical devices.
This information is excerpted from “Getting Ready to Retire: Financial and Estate Considerations for Retiring Canadian Physicians.” A physician contemplating retirement has a myriad of details to tend to, both professionally and personally. Prudent financial, estate and legal planning can make a big difference, both in the short and long terms. If you’d like a printed version of this useful book mailed to you, call RSRS at 1-888-563-3732, Ext. 222 or get the free download now from https://www.recordsolutions.ca/guide. There is no cost associated with obtaining this information.